Income Tax Checklist: 5 Things You Need to File Tax Returns

With just a few weeks left before the deadline to file individual income tax returns, many taxpayers will be headed to their tax preparer’s offices in the coming weeks.

To guarantee everything goes smoothly as you try to make the April 15 deadline, you will need to come prepared, according to Nicholas J. Batch, C.PA. at Liberty Tax Service Glendora.

Batch provided the following checklist of items you need to consider bringing with you when you file your tax returns:

1)    A photo ID to prove that you are the person whose name appears at the top of the 1040. A driver's license, passport or military ID should work just fine. But more importantly, don't forget to bring your Social Security card and the Social Security cards of your spouse and everyone you claim as a dependent. To claim dependents on your tax return, you will need their Social Security numbers as well as their full names and dates of birth. Every year, the IRS sends back hundreds of thousands of tax returns because the names and Social Security numbers on the forms don't match.  Finally, if you are married and filing jointly, make sure to bring your spouse, because he or she will need to co-sign the tax return before submitting it to the Internal Revenue Service (IRS).

2)    Here is a list of the typical income source items required to be reported on your tax return:

• Income from an employer

• Self-employment income

• Foreign earned income

• Rental income

• Retirement income from an IRA, pension or annuity

• Social Security benefits

• Gain and Loss report with stock basis from sale of stock, interest, dividends, etc.

• Unemployment benefits

• Gambling earnings and a win/loss report if available

• Alimony

• State tax refunds

• Royalties Prizes and awards

3)    Here's a partial list of some of most common expenses that qualify for itemized deductions. You will need receipts or other proof to claim each deduction:

• Self-employment expenses (home office, gas mileage, equipment, etc.)

• Business expenses (travel, gas mileage, client meals, etc.)

• Education expenses (that directly relate to your job or field)

• Medical expenses

• Charitable contributions (cash and non-cash)

• Mortgage interest

• IRA contributions

• State, local and foreign taxes (income tax, real estate tax, property tax, sales tax and qualified vehicle taxes)
•  Union dues
• Job-hunting expenses
• Tax preparation fees from previous year

4)    This year the IRS is requiring a 1098-T issued directly from all qualified educational institutions in order to claim any education credits.  The following are the most common types of eligible education expenses:

• Tuition

• General service fees

• special course fees

•  technology fees

• Required textbook and course materials are qualified expenses regardless of where purchased.

5)    If you are switching tax preparers this year, always remember to bring a copy of the most recently filed tax return to this visit. Your new preparer will need to reference this prior year return for any carry forward tax assets, state tax refunds, prior year itemized deductions and many other detailed information.